Financial advisers play key roles in shaping South Africans’ future financial security, yet a glaring gap remains in one of the most fundamental aspects of personal finance: will drafting.
The 2024 Sanlam Legacy Wills Survey set out to highlight South Africans’ views on building a legacy and the barriers they perceive or experience in attempting to do so. More than a thousand South Africans were interviewed, across different income brackets and age groups. The research report revealed a clear (and concerning) disconnect between stated intentions and actual estate planning:
As many as 98% want to leave a legacy when they pass away.
Only 39% currently have a will.
Key findings contained in the research report include three overall insights:
#1 reason for not having a will is respondents believing they don’t own enough.
78% say they would most likely turn to a financial adviser for information on wills.
Higher-income groups are more likely to have wills, but there are gaps across all income brackets.
Disconnect between belief and action
The idea of having a will is widely accepted and prioritised. However, the emotional weight of thinking about one’s own mortality, good old procrastination (that we all suffer from!), and the lack of a sense of urgency when it comes to estate planning means drafting a will is perpetually a task “for another day”.
Where financial advisers come in, is the tremendous opportunity that is created by this disconnect between belief and action. Advisers can reframe will drafting as an act of love for the people we care about, and a way of living with confidence and an eye to a more secure future, as well as a component of financial literacy. Far more than a piece of legal paperwork!
Role of the adviser
Across the board, survey respondents indicated they would prefer to engage with an adviser rather than any other way of drafting their wills, including online tools or other DIY options. Even so, only a small percentage of people have actually had that conversation.
A financial adviser can guide you through emotional decisions, help you understand the implications of dying intestate, and show you how wills fit into the bigger picture of leaving a financial legacy and transferring wealth from one generation to the next.
It’s time to shift estate conversations from administrative to aspirational. Legacy is not just about wealth; it’s about values, peace of mind, and taking action.